OIL: Phillips 66 Sweeny Refinery Reports Upset at Cracking Unit: Bloomberg

• RES 4: 0.6471 High Dec 9
• RES 3: 0.6374 50-day EMA               
• RES 2: 0.6341 High Dec 18   
• RES 1: 0.6257/0.6302 20-day EMA / High Jan 6
• PRICE: 0.6148 @ 19:39 GMT Jan 10 
• SUP 1: 0.6140 Low Jan 10  
• SUP 3: 0.6100 Round number support
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.5994 1.618proj of the Sep 30 - Nov 6 - 7 price swing

A bearish trend condition in AUDUSD remains intact and Friday’s sell-off reinforces this theme. The pair has breached support at 0.6179, the Dec 31 low, maintaining the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6257, 20-day EMA. The 50-day EMA is at 0.6374.

• RES 4: 166.34 2.0% 10-dma envelope
• RES 3: 166.10 High Nov 6  
• RES 2: 165.04 High Nov 15 and a key short-term resistance
• RES 1: 164.55 High Jan 7
• PRICE: 161.70 @ 19:37 GMT Jan 10 
• SUP 1: 160.91 Low Jan 2    
• SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle   
• SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
• SUP 4: 158.67 Low Dec 11

EURJPY remains below the Dec 30 high. The recent move down appears corrective and a bullish short-term condition is intact, despite the pullback from last week’s high. The next support to watch lies at 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. A resumption of gains would open 165.04, the Nov 15 high. Clearance of this hurdle would expose 166.69, the Oct 31 high and a major resistance.

• RES 4: 160.00 Round number resistance   
• RES 3: 159.45 High Jul 12
• RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
• RES 1: 158.87 High Jan 10  
• PRICE: 157.90 @ 19:34 GMT Jan 10
• SUP 1: 156.60 20-day EMA
• SUP 2: 154.44 Low Dec 19  
• SUP 3: 154.47 50-day EMA
• SUP 4: 153.16 Low Dec 17  

USDJPY bulls remain in the driver’s seat and the pair is holding on to its recent gains. This week’s fresh cycle high, reinforces the bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 156.60, the 20-day EMA.